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Mullen Picks First US Dealer for 2023 Commercial EV Launch

Stock up 10% in day trading

Brea-based EV maker Mullen Automotive Inc. (Nasdaq: MULN) said today it signed Randy Marion Automotive (RMA) in North Carolina as its first dealer group partner for Mullen’s commercial EV lineup.

RMA is “a tremendous dealer partner that is so well-respected and recognized throughout the commercial industry,” Mullen CEO David Michery said in a statement.

The company’s commercial EV portfolio includes light- and medium-duty cargo vans, cab chassis trucks and vans by EV manufacturer Bollinger Motors, which Mullen earlier this year acquired a 60% stake for $148.2 million in cash and stock. Mullen’s commercial EVs are set to launch in the U.S. next year, the company said.

“We are impressed with Mullen Automotive’s EV lineup, their speed to market and, most notably, their focus on an underserved commercial market for EV vehicles,” RMA CEO Randy Marion said in a statement. “OEMs have all exited from the commercial Class 1 [light-duty] van segment, leaving the door wide open for Mullen’s EV lineup.”

Following the announcement, shares of Mullen rose as much as 10% to 21 cents a share and a $355 million market cap. Shares of the company were little changed during after-hours trading and are off 97% their 52-week high last December, shortly after Mullen’s IPO.

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